The World Bank-affiliated International Finance Corporation (IFC) alongside the Board of Investment (BoI) unveiled a $1.5 billion+ investment plan for Pakistan’s economy in the form of short- and long-term investments.
The investment was announced at the BoI headquarters by BoI Secretary Muhammad Sohail Rajput and IFC Country Manager for Pakistan and Afghanistan Zeeshan Sheikh.
Secretary BOI, Dr. Sohail Rajput had a meeting with the Country Manager for Pakistan and Afghanistan, the International Finance Corporation (IFC), World Bank Group (WBG) to discuss significant investments aimed at advancing Pakistan's economic growth.#InvestInPakistan pic.twitter.com/UrkJjPOtHE
— Board of Investment, Pakistan (@investinpak) November 2, 2023
The pledge comes after IFC’s successful mobilization of $1.5 billion for FY23, representing a significant increase in investment in Pakistan over the previous year.
Sheikh emphasized the IFC’s goal to help Pakistan’s private sector realise its full potential in important areas such as access to finance, upgrading technical and digital infrastructure, strengthening the pharmaceutical sector, and assisting export-oriented sectors. He opined that these critical investments will create jobs, support economic growth, and drive innovation, he said, aligning with Pakistan’s economic agenda for the future.
The IFC Country Manager also highlighted the potential for investments in Pakistan’s climate-focused sectors, pharmaceutical space, agriculture, industrial and energy sectors. Besides IFC, the World Bank will allocate over $3 billion for infrastructure development in Pakistan’s energy sector, he added.
Sheikh said that two significant agreements were signed with the government for a $500 million loan to Punjab and Khyber Pakhtunkhwa. Moreover, an MoU was signed with the Sindh government to provide clean drinking water to residents of Karachi, he added.
